According to Arizona Revised Statutes Section 6-901, a mortgage broker is “a person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates, or offers to make or negotiate a mortgage banking loan or a mortgage loan”. In order to become a licensed mortgage broker in the State of Arizona, all applicants must file the Arizona Mortgage Broker Bond with the Superintendent of the Department of Financial Institutions. The bond ensures the faithful compliance of the licensee, including the licensee’s directors, officers, members, partners, trustees, and employees with Title 6, Chapter 9 of the Arizona Revised Statutes. Any person injured by the wrongful act of the licensee may make a claim on the bond for financial compensation.
The required bond amount is $10,000 for licensees whose investors are limited solely to institutional investors and $15,000 for licensees whose investors include any non institutional investors.
According to the National Mortgage Licensing System, an “institutional investor” is:
The Arizona Mortgage Broker Surety Bond remains in full force and effect until the Surety cancels the bond. The Surety must provide the Superintendent and the Principal of the bond with thirty day cancellation notices prior to the cancellation date.
All licensing fees are required by the obligee, not the surety company.
Licenses must be renewed annually.
At Surety1 we make it easy to obtain your Arizona Mortgage Broker Bond. Simply complete our easy to navigate, online application and usually within 1 business day, one of our professional agents will provide you with free, no obligation quote for the bond. Then we will email you some important paperwork to be signed and returned electronically, make payment and your bond will be delivered via traceable delivery. (UPS or USPS). overnight delivery is also available.
Surety1 has been providing Arizona surety bonds since 2003. The company maintains an A+ rating from the Better Business Bureau and is licensed in all 50 states.